The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years.
File - Townhomes under construction are shown in Mars, Pa., on May, 27, 2022. On Thursday, Freddie Mac reports on this week's average U.S. mortgage rates.
It’s the fourth consecutive weekly increase for the average rate and the highest since early April 2002, when it averaged 7.13%. The last time the average rate was above 7% was last November, when it stood at 7.08%. The latest increase in rates follows a sharp uptick in the 10-year Treasury yield, which has been above 4% this month and climbing. The yield, which lenders use to price rates on mortgages and other loans, touched its highest level since October on Thursday morning, and it’s close to where it was in 2007.
High inflation drove the Federal Reserve to raise its benchmark interest rate 11 times since March 2022, lifting the fed funds rate to the highest level in 22 years.
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